The Current Economic Environment and Your Health Plan

In the current economic environment, the cost of almost everything is increasing, and healthcare is no exception. Experts predict we will see healthcare costs rise by 8.5% in 2024, causing concern for both employers and employees alike.

As employers continue to try and find balance as cost containment as labor and healthcare costs increase, many are leveraging their benefits to aid in attracting and retaining talent. Read on to learn how employers can increase benefits satisfaction and combat rising costs by reimagining their benefits and employee engagement strategies.

Directing Employees to High-Quality, Affordable Healthcare

There are several strategies employers can use to lower healthcare costs while still providing a streamlined and unique benefits experience to their employees.

Here are some of the cost containment strategies making the biggest impact, while still creating a meaningful benefits experience:

• Chronic condition management: The CDC reports that 6 in 10 adults in the United States are managing some type of chronic disease. It’s crucial to work with a partner that helps simplify the process and reduce the cost of managing chronic conditions such as diabetes, pre-diabetes and hypertension. Regular communication and engagement with employees regarding their care options will help ensure your employees are armed with the tools they need to properly manage their chronic condition(s).
  
  
• Rx Savings: Insights from HealthJoy’s proprietary Member Health goals data show that 45.5% of employees are paying for at least one prescription. Approximately 20% of employer healthcare spend comes from pharmacy, and employers can reduce spend by partnering with a care navigation platform that actively notifies employees of savings opportunities on prescription medications.